CHICAGO (CBS) — Stocks surged higher Wednesday, led by banks and financials, as traders focused on the ECB’s reflation story. The S&P 500 gained 21, the NASDAQ added 87 and the Dow Jones industrial average closed up nearly 144 points, settling to 21,454.
“You got some industry groups rolling together in the same direction. We had two very important groups, technology and financials, both rebounding and I think that kind of put some juice in the market. Also you had strong performance from the transportation related stocks and I think that is key because that group is extremely economically sensitive,” said Chuck Carlson, CEO of Horizon Investment Services. “I think the idea that the economy is starting to stall was at least for today taken off the table.”
He also noted that he currently finds shares of Comcast, Zions Bancorp and Celgene attractive at current levels.